Chart gallery
31 January, 2024
Gold demand (ex-OTC) dipped 5% from a strong 2022*
Gold demand (ex-OTC) dipped 5% from a strong 2022*
Annual gold demand by sector, tonnes
Gold demand (ex-OTC) dipped 5% from a strong 2022*
Annual gold demand by sector, tonnes
*Data as of 31 December 2023
Source: Metals Focus, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Outlook
Economic and geopolitical scenario expected to be investment-positive overall in 2024*
Economic and geopolitical scenario expected to be investment-positive overall in 2024*
Expected change in annual gold demand and supply, tonnage, 2024 v 2023
Economic and geopolitical scenario expected to be investment-positive overall in 2024*
Expected change in annual gold demand and supply, tonnage, 2024 v 2023
* Data to 31 December 2023. Fabrication combines global jewellery and technology demand. Investment includes ETFs, bar and coin and OTC demand. Supply includes mine production and recycling. We have omitted hedging and assume it to be unchanged.
Source: World Gold Council
Sources: World Gold Council; Disclaimer
* Data to 31 December 2023. Fabrication combines global jewellery and technology demand. Investment includes ETFs, bar and coin and OTC demand. Supply includes mine production and recycling. We have omitted hedging and assume it to be unchanged.
Jewellery
Jewellery demand firm in the face of record gold prices*
Jewellery demand firm in the face of record gold prices*
Annual gold jewellery demand, tonnes
Jewellery demand firm in the face of record gold prices*
Annual gold jewellery demand, tonnes
*Data as of 31 December 2023
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
India and China traded the top spot in 2023*
India and China traded the top spot in 2023*
Top five countries’ annual gold jewellery demand, tonnes
India and China traded the top spot in 2023*
Top five countries’ annual gold jewellery demand, tonnes
*Data as of 31 December 2023
Source: Metals Focus, World Gold Council
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 31 December 2023
Investment
Holdings of gold ETFs down 244t, led by Europe*
Holdings of gold ETFs down 244t, led by Europe
Annual change in gold-backed ETFs by region, tonnes
Holdings of gold ETFs down 244t, led by Europe
Source: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council
Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer
* Data as of 31 December 2023
Opposing West v East shifts in bar and coin investment*
Chart 6: Opposing West v East shifts in bar and coin investment*
Annual gold bar and coin demand by region, tonnes
Chart 6: Opposing West v East shifts in bar and coin investment*
annual gold bar and coin demand by region, tonnes
Data as of 31 December 2023
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Germany dominated Europe’s steep decline*
Chart 7: Colossal central bank buying continued in 2023*
Top and bottom five y/y changes in bar and coin demand, tonnes
Chart 7: Colossal central bank buying continued in 2023*
* Data as of 31 December 2023
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 31 December 2023
Central Banks
Colossal central bank buying continued in 2023*
Chart 8: Colossal central bank buying continued in 2023
Annual and cumulative net gold demand from central banks, tonnes
Chart 8: Colossal central bank buying continued in 2023
Annual net gold purchases/sales by country, tonnes
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Reported central bank buying was broad-based
Reported central bank buying was broad-based
Annual net gold purchases/sales by country, tonnes
Reported central bank buying was broad-based
Annual net gold purchases/sales by country, tonnes
*Data to 31 December 2023 where available.
Source: IMF IFS, respective central banks, World Gold Council
Sources: IMF IFS, Respective central banks, World Gold Council; Disclaimer
*Data to 31 December 2023 where available.
Technology
Despite Q4 recovery, technology demand slipped below 300t*
Despite Q4 recovery, technology demand slipped below 300t*
Despite Q4 recovery, technology demand slipped below 300t*
Annual gold volumes used in technology by sector, tonnes
*Data as of 31 December 2023
Source: Metals Focus, Refinitiv GFMS, World Gold Counci
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Supply
2023 mine production fell just short of the 2018 record*
2023 mine production fell just short of the 2018 record*
Annual gold mine production, tonnes
2023 mine production fell just short of the 2018 record*
Annual gold mine production, tonnes
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
* Data as of 31 December 2023
Record gold price lifted recycling volumes*
Record gold price lifted recycling volumes*
Annual gold recycling volumes, tonnes, and the annual average gold price
Record gold price lifted recycling volumes*
Annual gold recycling volumes, tonnes, and the annual average gold
*Data as of 31 December 2023
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Regional variations in Q4’23 gold recycling*
Regional variations in Q4’23 gold recycling*
Changes in Q4’23 gold recycling volumes by region, tonnes
Regional variations in Q4’23 gold recycling*
Changes in Q4’23 gold recycling volumes by region, tonnes
*data as of 31 Dec 2023
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 31 December 2023
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